Rental Terminology You Should Know

Landlord - in British Columbia, Canada, the owner of a rental property is often referred to as a landlord.
Owner - this is the person or company that owns a rental apartment.
Tenant - in British Columbia, Canada, a person who rents a place to live is often referred to as a tenant.
Lessor - another word used for the owner who is renting out their property.
Lessee - another word used for the tenant who is renting a place to live.
Tenancy - in British Columbia, Canada, renting is often referred to as a having a tenancy.
Lease - another word to describe tenancy.
Fixed Term - this is a type of tenancy (rental) whereby the owner and the tenant contractually agree to continue the rental arrangement for a specific period of time.
Monthly Term - this is a type of tenancy (rental) whereby the owner and the tenant contractually agree to continue on a month-to-month basis. Very uncommon at University District Kelowna.
Residential Tenancy Agreement - this is a standard form contract made available by the Provincial Government of British Columbia for use in documenting a tenancy (rental). This is the contract you’ll make with the owner when you rent a place to live. Also known as a rental contact or lease agreement.
Agent - an agent is a licensed person who represents someone else in a transaction.
Property Manager - a property manager is a type of agent who represents an owner of a rental property. They typically take care of accepting applications on behalf of the owner, reviewing them with the owner, advising the owner, and completing contracts on behalf of the owner, in addition to oversee the day-to-day needs of the rental property including billing, inspections, and maintenance.
Security Deposit - a sum of money that you provide the owner upon entering into a lease that they will hold on your behalf until the end of your tenancy. This sum is to protect the owner in the event there are any remaining damages to the apartment when you move out.

Q: What is the process for renting at UBCO?
A: Apartment in the condo buildings at University District Kelowna are individually owned. Many are owner occupied (when students and their parents purchase instead of rent) but the majority are rented out to students like you. The first step is to find an owner who is currently looking to sign up a student to rent. Once you’ve found a place you’ll complete an application form and wait to get approved and selected by the owner. You’ll potentially discuss the rent amount and other terms and then together with the owner you’ll fill out a document called a Residential Tenancy Agreement. Once you’ve both signed this contract it will be official and you’ll soon be moving in.

Q: Once I apply for a rental is it guaranteed that I get selected?
A: No. Owners will usually seek applications from several students before approving and selecting the one they like best. Due to the extremely high demand for student rentals near UBCO, owners here have been known to get 25-50 applications sometimes within 24 hours of advertising their apartment for rent. In order to get approved and selected is important that you have a comprehensive application package - this includes all supporting documents needed.

Q: Should I apply for more than one rental at the same time?
A: Yes! Due to the extremely high demand for apartments for rent near UBCO getting selected is highly competitive. You’ll want to apply for as many suitable rentals that you can find until you have a signed lease. Watch out for clauses on some application forms that legally bind you to following through with a lease if approved - you don’t want to be committed to more than one rental by accident.

Q: Are all application forms the same?
A: No. There is no standard application form. While applications forms typically seek to collect most of the same information different owners and their agents (property managers) may use different application forms. Sometimes you can fill these out online. Make sure you get a copy of any document completed electronically.

Q: Who can help me with the rental process?
A: Joshua Elliott is a licensed professional who works with students and their parents to represent them in the process of finding and securing rental housing. This includes identifying potential rentals, showing you the rental (if possible), preparing your comprehensive application package, advocating for your selection, negotiating rental terms on your behalf (when the situation allows), reviewing the Residential Tenancy Agreement and any addendum added to the contract with you, answering any questions you have, and completing all paperwork with you. Get in touch.

Q: What type information does the owner collect on an application form?
A: Owners will ask you for a broad spectrum of information so that they can make the best decision when selecting a student to rent to. This will include basic information like your name, address, contact info but will also include information such as your rental history or current living situation, information about your character and what you’ll be like as a tenant, and your ability to pay for the rental.

Q: Will I need to provide any other information along with my application form?
A: Yes! Having not just an application form, but a comprehensive application package is critical to making you stand out from the other applicants. You’ll almost always have to provide documentation to support your stated ability to pay for the rental. As a student, you may not have ongoing employment so you’ll need to show that you have substantial savings (to pay all living expenses including rent plus additional savings for emergencies) or you’ll need a parent or family member to also sign the lease with you who can show a suitable income. Having all the proper documentation ready before you apply is to your advantage. Documents you may need include employment pay statements, bank account records, and credit card statements.

In order to get approved the owner will most likely need to either speak with your references or will also need some other form of documentation such as your acceptance letter showing you will be studying at UBCO and a letter form your/your parents employer confirming employment.

Q: What’s the difference between getting approved and being selected?
A: Getting approved for a rental refers mostly to your financial situation and your ability to pay the rent. To some extent it will also include your rental history and your likelihood to be a quality tenant (renter). Once an owner has approved your application and possibly others they will then select the student they feel is the best fit and offer them the opportunity to rent.

Q: When should I start searching for a rental?
A: Students should start searching for a rental as soon as they know they will need housing. This is especially important if you want a private studio or 1-bedroom apartment as these are very limited. With this in mind, most owners do not advertise their rentals for the following academic year (starting September) until about February-May of that year. It is sometimes possible to secure a rental earlier but you’ll have to know how to get ahold of the owner of possible rentals.

Q: What age do I need to be to rent at UBCO?
A: In BC, you must be 19 years of age to enter a legally binding contract including the Residential Tenancy Agreement required to rent an apartment at University District Kelowna. If you are under the age of 18 you will need a parent or family member to join you in the application process and go on the lease with you.

Q: I’m an international student. I have never rented before and I won’t have a job in Canada. Can I still rent?
A: Yes.Owners who rent at UBCO understand that international students like you make up a significant number of the student population looking to rent. You’ll need to provide the owner with documentation that you’ll be attending UBCO and for how long. You’ll also typically need to provide documentation to show how you’ll be paying the rent. Do you have sponsorship/scholarship monies? Do you have savings? Will your parents be providing you with an allowance for rent and other expenses? See above for more information on documentation required.